24 and Tired of Study/Work Already. Want to Retire Now.

[Earlynorak]

Hi, I'm 24. I live in Australia. I'm a university student. Currently my net worth is $32,746. This is made up of about $22,000 in a mutual fund, $5,000 for my car, and $3,000 in a retirement fund. These latter figures are rounded down. I live with my parents and work part-time in an admin job while studying. I invest $1000 per month.

I am looking for a full-time job that complements my degree but I'm having trouble finding this job. I've applied for about 30 jobs so far and about half have rejected me so far. I'm thinking of just giving up my university degree and just work a low wage job for a short period of time (say 5 years) before retiring.

I'm already tired of studying and working. I do it only because I'm afraid I might starve to death if my parents abandon me.

I've spent six years in university so far studying a business and math degree. I feel as if I've wasted my time because I could have worked any job after high school and by now I would have enough to retire, but instead I'm studying.

My goal is to have enough money to one day live off dividends or interest. The problem is I don't know how much is enough. I suspect I can live off AUD 5000 per year. I don't care much for luxuries. I just want food, shelter, and maybe a DVD subscription or Internet connection. I'm thinking of moving to a country town (since it's cheaper than living in the city) and renting a unit. The unit will be close to a supermarket where I can get cheap fruits and vegetables. It will also be close to a bank where I can get out my money. The money will be invested in income-producing bonds with a certain proportion in stocks to fight against inflation.

Any tips on which investments are best for this? Should I use ETFs or is a mutual fund adequate? In which country is it cheapest to live for an English-speaking person? Will I have access to a supermarket and a bank? How much is the minimum amount required to cover the bare necessities of food and shelter?

[mbooth]

Troller

Sigh! (as another Aussie, this disappoints me, though I admire the OP's chutzpah )

[retire@40]

Quote:

Originally Posted by Earlynorak ...I am looking for a full-time job that complements my degree but I'm having trouble finding this job. I've applied for about 30 jobs so far and about half have rejected me so far. I'm thinking of just giving up my university degree and just work a low wage job for a short period of time (say 5 years) before retiring...

First, find yourself.

Then. start your own business, make a lot of money, save most of it, sell your business, and retire.

[igsoy]

Hey, congrats Earlynorak, you have seen the light.

I don't know why that other guy called you a troll. Your plan seems golden. Only stupid people work for five years at a low wage job without saving enough to retire for 60 years. You are smarter than them because you have seen the light.

Also, studying and working hard never got anybody anywhere. That's for suckers, so I'm glad to see that you have come to your senses. That's why this forum is so great, because it really inspires people to live the life of their dreams.

Good day to you, sir, and best wishes!